Bhakti plans to acquire three coal mines in Kalimantan
Thursday, February 23 2012 - 02:46 AM WIB
The acquisition is part of Bhakti Investama?s plan to increase its overall coal reserves to 500 million tons.
The company?s Director for Oil, Gas and Coal, Budiono, said in Jakarta on Wednesday that the mines which would be acquired by the company should have reserves of at least 30 million tons for medium calorie coal, and/or 20-30 million tons for low-calorie coal.
Up to now, the company which is controlled by successful businessman Hary Tanoesoedibjo, has nine coal concessions in South Sumatra and East Kalimantan. But only one of the coal mines has been in production with output of 70,000 tons per month or 840,000 tons per year.
Budi said that Bhakti planned to increase the production to 100,000 tons a month or 1.2 million tons a year in early 2013. In order to meet the target, the company expects to begin commercial production in one more coal mine in South Sumatra.
He said if all the coal mines have begun production, the total production could reach 4 million tons a year. In order to further support the coal mine operations, the company will spend up to US$30 million or about Rp 271.50 billion in capital expenditure this year.
At present, the company has secured sales contracts of 150,000 tons a month or 1.8 million tons a year with overseas buyers from China, South Korea and India. (*)